THE Energy Market Authority (EMA) will extend the Temporary Electricity Contracting Support Scheme (Trecs) and a number of other measures to enhance Singapore’s energy security and resilience till Mar 31, 2023, in view of the “protracted volatilities in the global energy market”. 

“While we cannot shield consumers from higher electricity prices, it is vital that the global volatility does not disrupt our electricity supply and impair the functioning of our energy markets,” EMA said in a press release on Thursday (Jun 16). 

These measures – including a standby liquefied natural gas facility, directing generation companies to maintain sufficient fuel for power generation, as well as modified market rules – have been put in place by EMA since October 2021, shortly after the global energy crunch began.

These steps have helped to ensure sufficient fuel and electricity supply, and stabilised the Uniform Singapore Energy Price to around the cost of electricity production – an average of S$350 per megawatt-hour (MWh) for the first 5 months this year. 

With the latest extension, Sembcorp Power and Keppel Electric will also continue to offer longer-term fixed price plans for consumers with average monthly consumption from 4MWh to 50MWh. 

EMA added that it will continue to monitor the situation closely and introduce new measures if necessary.

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For Trecs, the contracting window for July will open on Jun 17. Under the scheme, electricity retailers and generation companies can help large consumers secure fixed price plans and retail contracts with significant fixed price components. 

Meanwhile, EMA urged consumers to do their part to conserve energy. “Households can reduce their energy consumption by using energy-efficient appliances and adopting energy saving habits,” it said. 

EMA noted that the Household Support Package introduced as part of Budget 2022 will give eligible households double the quantum of their quarterly U-Save vouchers this year, which will help defray the costs of higher electricity bills. 

Businesses that need financing support can tap on loan programmes offered by Enterprise Singapore, said EMA. 

Since September 2021, global gas prices have increased significantly due to high demand and tight gas supply. With the ongoing Ukraine conflict, energy markets are expected to remain volatile. 

EMA said that countries in Asia and Europe have also started to secure fuel supplies, including gas, in preparation for the winter.

With Singapore relying on imported natural gas to generate around 95 per cent of its electricity, EMA said higher fuel prices globally will push up domestic electricity prices.

“EMA is committed to ensuring that Singapore’s power supply remains secure and reliable, and to supporting consumers through this period.”